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Russian carmaker seals F1 deal with Virgin

Nikolay Fomenko of Morussia Motorsport announces the deal at a press conference in Abu Dhabi.

STORY HIGHLIGHTS

Marussia Motors has bought a significant shareholding in the Formula One team Virgin Racing

The team will be known as Marussia Virgin Racing from 2011 onwards

Their car for the new season is set to be unveiled in Moscow

(CNN) -- Russian carmaker Marussia Motors has bought a significant shareholding in the Formula One team Virgin Racing, meaning the team will be renamed "Marussia Virgin Racing" for the 2011 season.

The rookie team -- who made their Formula One debut this season -- will continue their relationship with Richard Branson, the British businessman whose company created Virgin Racing by signing a sponsorship deal with Manor Motorsport in 2009.

The rebranded outfit's car for the 2011 season will be unveiled in Moscow ahead of next season, and Virgin's chief executive Graeme Lowdon hailed the deal as good news for his team and for the sport.

"This announcement cements our place on the Formula One grid and is testimony to the hard work and dedication of every single member of our team," Lowdon told the team's official website.

This is definitely a good news story for Virgin Racing and for Formula One--Graeme Lowdon